The Tesla Model 3 is leading the price drop with a whopping 30% drop in value since the high of June 2023: Top 10 Used Cars With the Greatest Year-over-Year Price Drops (June 2022 vs. And because Tesla makes up the bulk of the used EV market the dramatic drop in Tesla values has impacted the entire category. With Tesla cutting prices on new models its used EV values have tumbled. Vehicle prices are in a free-fall, dropping 15.7 percent since January and by an increasing amount every month so far in 2023. ISeeCars Executive Analyst Karl Brauer notes that with Tesla representing the majority of the market, it is weighing heavy on the used EV price drop: iSeeCars analyzed over 1.8 million 1- to 5-year-old used cars to identify the latest used car pricing trends. The automaker previously built the Tesla Roadster, a two-seat. June saw used EV prices drop 29.5 percent from a year earlier, after falling 28.9 percent in May, 24 percent in April, and 16.8 percent in March. Current vehicles include the Model 3 compact sedan, Model S mid-size luxury sedan, Model X luxury SUV and Model Y compact SUV. Tesla is leading a large drop in used electric car value in the US – with Model 3 being down 30% over the last year.Īfter an incredible rise in 2022 that resulted in some used EVs selling for more than brand new cars, used car value finally started to drop over the last six months.Īccording to iSeeCars, used car prices have dropped by less than four percent year-over-year for the third month in a row, but used EV prices are dropping even faster:īut used electric vehicle prices are collapsing even as overall used car prices stabilize. In 2017, Tesla had said the 300-mile range version of the Semi would cost 150,000, and the 500-mile version 180,000, but Teslas passenger electric vehicle prices have increased sharply since then.
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